Osborne: Vote on Irish loan next week

BRITAIN’S Chancellor of the Exchequer, George Osborne, said yesterday he will publish legislation on its €3.8 billion bilateral loan to Ireland today, with an approval vote on the package expected next week.

The chancellor said the rate on the loan is expected to fall between those demanded by the EU and the IMF.

The EU/IMF bailout package of €67.5bn, Ireland is to contribute €17.5bn from the pension reserves, carries a low of 3.1% in interest rate charge from the IMF, against a combined loan average of over 5.8%.